During the year Jason and Kristi,cash-basis taxpayers,paid the following taxes:

What amount can Kristi and Jason claim as an itemized deduction for taxes on their federal income tax return in the current year?

Question

During the year Jason and Kristi,cash-basis taxpayers,paid the following taxes:

What amount can Kristi and Jason claim as an itemized deduction for taxes on their federal income tax return in the current year?

Quizplus · Accepted Answer

A) $4,100 + 3,000 + 800 = 7,900. Gift taxes, federal income taxes and assessments are not allowed as deduction by the IRC.

During the Year Jason and Kristi,cash-Basis Taxpayers,paid the Following Taxes